Archive: July 13, 2022

Paytm Money extends timeline to 31st October, 2022 for Direct Mutual Fund investors to complete steps for BSE StAR integration

Mumbai: 13th July 2022: Paytm Money Limited (PML) has extended the timeline for its Direct Mutual Fund users to update their KYC & open a Demat Account by 31st October 2022. The company has integrated with BSE StAR MF platform, the largest execution platform in the country, to offer Direct Mutual Funds under its stock broking code.

Earlier, Paytm Money was offering Direct Mutual Fund execution and advisory services on its in-house technology platform under an RIA code, in accordance with SEBI regulations. Further to discontinuation of its advisory services in April 2021, Paytm Money has now decided to offer only execution services for Direct Mutual Funds using stock broking code from July 2022.

The technology backend shift from a RIA code to StockBroker code on BSE StAR requires creation of a UCC (Unique Client Code) and the UCC regulations of SEBI require users to mandatorily have a demat account.

With the integration, there will be no change in user experience and they can continue to enjoy uninterrupted access to the features and services of the Paytm Money app.

Here are a few simple, 100% digital steps Direct Mutual Fund investors have to take to update their accounts:

1. Submit a clear picture of their signature
2. Click a live photo on the Paytm Money app as a part of their KYC
3. Complete e-sign to open a free Demat a/c

Here are some insights for retail investors about Direct Mutual Fund investments through the app applicable post integration with BSE StAR:

Paytm Money is the leading distributor of Direct Mutual Funds in India. The platform will continue to distribute Direct Mutual Funds after BSE StAR integration.

Units held in a statement of account (SOA) form will remain so. They will not be moved to the Demat account.
The Demat account will be free for life for Direct Mutual Fund investors, until they take the decision to start equity investing in which case, equity tariffs will apply.

Existing SIPs will be processed as they are now, without any changes and investors will continue to view their investments in the app.

Investors won’t have to redeem or take any action on their existing portfolio; the integration will be handled completely by BSE StAR and Paytm Money team.

Existing investors who are already investing in Equities through Paytm Money Demat account do not need to take any action as their UCC has already been created and the same can be used for Direct Mutual investments.

Varun Sridhar, CEO – Paytm Money Limited said “We started with Direct Mutual Funds in India in a simple, zero cost & transparent manner and are now getting ready to bring an exciting new Direct Mutual Fund experience. The backend technology integration with BSE StAR provides multiple advantages to our retail investors and as per regulatory requirements, investors need to open a Demat account and generate a UCC on our platform. The Demat account will remain free for life for investments in Direct Mutual Funds. We are committed to our investors and respect their investment journey. Their savings plans & SIPs are important to us and hence, the three month extension will provide them with sufficient time to take the simple steps.”

IAN invests in USD 1.6 million Seed Round of WonderLend Hubs, a Fintech Startup

13th, July 2022: WonderLend Hubs, a NoCode PaaS solutions enterprise has raised USD 1.6 million in a seed round from Indian Angel Network and others.

The company aims to utilize the freshly infused investment to scale its business by accelerating its platform transformation, augmenting its delivery capabilities and investing in Sales, Business Development and Marketing. The funding will also be directed towards building channel partnerships in India, APAC, North America and other overseas markets to tap the wider, global opportunity

Founded in 2016, WonderLend Hubs is a #NoCode FinTech solutions enterprise which offers focused solutions in the lending and incentive compensation management domains. Designed and deployed in an affordable “pay as you use” micro services API architecture, its LPaaS caters to enterprise as well as newly born lenders & originators, driving lending innovation via new product/variant-launches or accelerating existing products, particularly in under-served segments, whilst its ICM PaaS caters to automating channel incentive management for enterprises.

The company enables the rapid scaling of mass-customized consumer and business loan products such as personal loans, vehicle loans, home loans, retailer finance, BNPL, etc. The No Code nature of their LPaaS allows business users to build their variables, credit rules, score cards, and orchestrate multiple workflows through front-end configuration, as opposed to coding.

Similarly, the company enables large enterprises to fully digitize their variable sales compensation payouts viz. commissions, incentives, rewards & recognitions etc. in respect of their staff as well as channel partners. It also helps them on-board channel partners as well as manage their lifecycle, as well as analyze program, team and individual performance.

The founding team members of the company are Dr. Ram Ramdas-Chief Evangelist, who heads Technology & Engineering, and Rajesh Iyer- Chief Executive Officer who drives Revenue, Business Development, and Key Partnerships.

Speaking about the funding, Dr. Ram Ramdas, Chief Evangelist said “At Wonderlend Hubs, our raison d’etre is to help shape the future of technology by liberating it from convention. As an upstart, without the burden of legacy, we were therefore, able to envision mission-critical systems being run by business users. We did that by adopting NoCode and a micro-service architecture as our core pillars to build focused solutions in domains that we thought could be significantly better served by technology”.

Rajesh Iyer, Co-founder & Chief Executive Officer said “We strongly believe that enterprises derive the best returns when they focus on their core business. They shouldn’t need to build large technology organizations to support and run their tech ecosystem. So, we put together an outcome-focused innovative ‘managed service’ delivery model and a ‘pay as you scale’ pricing model that helps them amortize hitherto lumpy technology costs across a very long business cycle, even as it rids them of all the grunt work in maintaining all of this”.

“We see Wonderlend Hubs as an exciting opportunity in the overarching digital transformation domain. Whilst their current focus on the LendTech and ChannelTech domains are large, exciting opportunities in themselves in India and globally, their underlying NoCode platform on which these solutions are built, also has them uniquely positioned to capture the wider NoCode opportunity in the time to come. They already serve very big marquee names in the BFSI industry. The fund raise from IAN will help them accelerate their growth trajectory and enable the delivery potential of their solutions to be realized to the fullest,” said Rahul Mahipal, Lead Investor at IAN.

The digital lending market would reach a value of around 350 billion dollars by 2023. The market for No-Code platforms is growing exponentially at a CAGR of 28.1% and is estimated to reach USD 45.5 billion by 2025.

Experience the grandeur of SOMANY’s latest EXTRAORDINARY collection of product range

13^th July 2022, Kolkata: Somany Ceramics Limited, an internationally acclaimed organization specialising in ceramics and allied products segments, is delighted to launch the EXTRAORDINARY collection of products range today at Hotel Holiday Inn, Kolkata Airport in the presence of Mr. Abhishek Somany, MD& CEO, Somany Ceramics Ltd., Mr. Amit Sahai, Dy. CEO and Mr. Sujit Mohanty, Sr. Vice President at Somany Ceramics Ltd.

In line with its vision to provide its customers with innovation and creativity so as to create a meaningful existence, Somany Ceramics unveils “EXTRAORDINARY” stunning new collection of products that will soon be winning the market and customer mind space. The range of products will include MarvelaFlortuff, Glosstra, Vistoso, Novaclad, and Wood Essentia. The product has elements of nature with wooden strip textures, reflects a modern yet rustic touch with stone-look finishes, and designs that reflect an urban and trendy look. Bringing home the extraordinary collection by SOMANY is like being surrounded by artistic charisma. The products will be available on the market in 600X600mm, 600X1200mm (MarvelaFlortuff), 300x600mm and 300x450mm (Glosstra/Vistoso/Novaclad) and 200x1000mm (Wood Essentia) sizes. There will be no dearth of options to choose from once you step inside the world of SOMANY.

On the occasion, Mr. Abhishek Somany, MD& CEO, Somany Ceramics Ltd., said, “SOMANY has been striving in the Indian market for the last 50 years and with each passing year we have expanded our portfolio while adapting to the dynamics of the market. Today, we are elated to launch our new EXTRAORDINARY collection of products that reflect the premium quality that SOMANY is known for in the Indian ceramic industry. With different textures, vibrant colors, and sizes, the products will cater to consumers’ having customized demands. We have recently launched the spectacular products in New Delhi and Lucknow and look forward to introducing more of such outstanding products in the coming days that will undoubtedly give your space a signature look.”

Genpact Global Study Reveals Direct Correlation Between Companies’ Sustainability Practices and Business Performance

Report finds artificial intelligence and analytics key to achieving climate goals 

NEW DELHI, July 13, 2022 — Companies that have embedded sustainable climate-related practices into their organizations see significantly better business performance than those who have not, according to a new study released today by Genpact (NYSE: G), a global professional services firm focused on delivering digital transformation.

The research, Tech for Progress 360: Accelerating climate action with data-led insight, finds that 58% of senior executives who strongly agree that their companies have embedded environmentally sustainable business practices – the sustainability leaders – have better business performance compared to 40% of other respondents. These leaders also are most likely to say their organizations adopted new technologies over the previous two years (70% vs 45% of other respondents), demonstrating that forward-thinking companies often lead the way on multiple innovation fronts. They understand the necessity of leveraging digital technologies and data across their organizations as well as the importance of putting environmental sustainability practices front and center in their businesses.

For those sustainability leaders, technology plays a critical role in helping them achieve their ambitious goals. Half of the respondents recognize the potential of artificial intelligence (AI) and 40% see the potential of advanced analytics to advance their climate-related sustainability goals. Conversely, those who have less established practices are less likely to call out the value of these technologies. This underscores an ongoing and widening gap between those leaders who know how to use AI, data, and analytics to unlock enduring value for their organizations and those who do not.

The research reflects input from 510 senior executives from large global enterprises. It examines the challenges and opportunities businesses face as customers, investors, and employees seek out responsible businesses, and regulators impose more environmental, social, and governance (ESG) reporting requirements.

“As businesses grapple with economic uncertainties, the time is ripe to identify, manage, and reduce ESG-related risks that can have a significant impact on the environment and a company’s long-term sustainability and profitability,” said Katie Stein, chief strategy officer and global business leader for enterprise services and analytics, Genpact. “We believe that organizations that lead with smart, agile, and data-driven action plans will be the winners. Combining advanced analytics, AI, and automation with human judgment plays a vital role in helping enterprises drive meaningful transformation that builds resilient companies, a healthier environment, and stronger communities.”

Tracking environmental sustainability with data-led insights

Businesses can no longer ignore or play lip service to environmental sustainability. As regulators place more scrutiny on ESG practices, companies need to pay closer attention to how they track both their initiatives and those of their entire supply chain ecosystems, by taking advantage of data-driven insights.

Perhaps not surprisingly, survey respondents whose companies lead with embedded sustainable business practices are also more likely to use data and insights to encourage their partners to make progress towards their sustainability goals (58% vs 47% of other respondents).

However, these sustainability leaders are no more likely to track performance against climate goals, report on emissions, or monitor regulations than other respondents. All companies have more work to do as governments and regulatory bodies continue to require organizations to provide stakeholders with consistent, comparable, and reliable climate-related information.

Leading in the Race Against Climate Change

Genpact’s partnership with the Formula E team, Envision Racing, is a prime example of how companies can use AI and analytics to glean faster insights, monitor, and report on sustainability goals. In addition to continuously enhancing the team’s performance on the track, the two organizations are collaborating to accomplish ambitious goals off the track, leveraging data and innovation to combat climate change.

As the greenest team on the greenest grid, Envision Racing became the first Formula E team to be certified carbon-neutral by the Carbon Trust in 2020. Genpact’s data analytics expertise helps Envision Racing to streamline, analyze, and automate the collection of carbon-emissions data to report on and maintain its carbon-neutral status. With this, the team has been able to cut the time it spends on carbon reporting by 50%. Genpact has also built a carbon calculator that uses AI and analytics to empower the Envision Racing team to make greener travel decisions. It gathers data such as the distance between two locations and uses a machine-learning model to predict what the journey will involve and give the team travel recommendations based on carbon output.

Envision Racing and Genpact’s work can be seen in action during the E-Prix in New York City later this week on July 16 and 17, and in London on July 30 and 31.

“Genpact’s latest research underscores Envision Racing’s deeply held belief: successful organizations can only win if our planet thrives too. For us, combating climate change lies at the heart of what we do,” said Jennifer Babington, operations director and general counsel at Envision Racing. “By embedding automation into our carbon reporting process, Genpact not only improved speed and accuracy but also made the approach user-friendly so we can easily access insight into our carbon consumption and offset data, helping us continuously make choices that have a lasting impact on our communities and planet.”

Conducted in partnership with FORTUNE Brand Studio, Genpact’s report is the second in a three-part series, Tech for Progress 360, analyzing how companies are using technology to drive impact beyond the bottom line. The research examines how businesses are working toward three distinct objectives: enhancing the employee experience; delivering environmental sustainability; and achieving diversity, equity, and inclusion.

For more information, see https://www.genpact.com/tech-for-progress/environmental-sustainability

About the Research

Genpact and FORTUNE Brand Studio conducted an online survey of 500 senior executives across the U.S, U.K, Germany, Australia, Japan, and Canada in the fall of 2021 to study how companies are using technology beyond the bottom line by examining progress toward three distinct objectives: enhancing the employee experience; strengthening communities through diversity, equity, and inclusion; and protecting the environment About 30% of respondents hold C-level positions and the remainder are director-level or above. Respondents represent the finance, IT/technology, supply chain/procurement, operations/ production, compliance/risk, general management, digital innovation, business transformation, sales, marketing, and HR sectors. All respondents report annual company revenue of $1 billion or higher.

Tata Motors extends the Nexon portfolio with XM+ (S) variant

Bengaluru, 13^th July 2022: Celebrating its leadership position in the SUV segment, Tata Motors, India’s leading automotive brand, today introduced a new variant enriching the Nexon portfolio – the XM+(S). Placed between the XM (S) and the XZ+, this newest addition is loaded with features and will be available at an attractive starting price of INR. 9.75 lakhs (ex-showroom, Delhi). Available in Calgary White, Daytona Grey, Flame Red and Foliage Green colour options, the Nexon XM+(S) will come equipped with an electric sunroof, 7” floating infotainment system with android auto and apple car play, 4 speaker system, cooled glove box, rear AC vents, rain sensing wipers, auto headlamps, digital instrument cluster, multi-drive modes, 12 V rear power socket and a shark fin antenna.

According to Mr. Rajan Amba, Vice President, Sales, Marketing and Customer Care, Tata Motors Passenger Vehicles Ltd., “We are elated to witness the continued affinity of our consumers with the Nexon brand. The upward trajectory of Nexon sales in the country is backed by its immense popularity, recognition and our promise to deliver the best to the customers. With more than 3,50,000 Nexons on the road, it has successfully marked its place as the #1 SUV in India and has undoubtedly been the flagbearer of Tata Motors’ commitment to safety, paving the way for other segment-defining products from our stable. Taking this momentum ahead, we are happy to introduce the feature-rich XM+(S) variant, which will certainly diversify our Nexon portfolio further and draw newer customers to our showrooms.”

Recently featured as the 4th top-selling car in India, the Nexon has multiple awards to its name. Launched in 2017, the Nexon has stood the test of time with best in class safety, stunning design and top rated performance along with aspirational and segment-defining feature additions. With 33 petrol and 29 diesel variants on offer for the customers to choose from, the Nexon portfolio stands strong with a total of 62 variants, catering to a wide spectrum of consumer needs.

To know more about offers and car buying options, call your nearest dealership or visit https://cars.tatamotors.com/

QUANTRON strengthens its sales, service and strategy unit

As part of its global orientation, Quantron AG is filling further strategically important positions in Service & Customer Care, Sales Team and Corporate & Product Strategy.

Olaf Muschner brings many years of management experience in the international after-sales sector of commercial vehicles and drive systems. Previously, he worked in sales and marketing at Iveco, primarily with a focus on customer service. His main responsibilities at QUANTRON include setting up a professional service network and ensuring service readiness by means of diagnostic and repair tools, documentation, training, and customer care. In addition to German, he also speaks Italian, English, Russian and French.

Tobias Steffen brings extensive experience from the commercial vehicle sector. Most recently, he was Sales Manager New Vehicles at Iveco West Nutzfahrzeuge GmbH where he was head of the sales team. There, he was responsible for the Light, Medium & Heavy segments which he was able to successfully expand with his team. Prior to that, he was District Manager for used vehicles at Iveco Magirus where he acquired in-depth knowledge of the remarketing of commercial vehicles. At QUANTRON, he will concentrate in future on the Van & Truck division primarily in the German, Austrian and Swiss markets as well as focusing on expanding the customer portfolio and further market penetration.

Dr. Srinath Rengarajan takes on the role of Senior Manager Corporate & Product Strategy. Dr. Rengarajan, who holds a doctorate in business administration, has extensive expertise in the areas of strategy and management consulting having previously held positions at Daimler Truck and Oliver Wyman. His responsibilities at QUANTRON include supporting management in the strategic direction of the company at the business, market and competitive levels along with growth initiatives and investor-related issues. Building on his previous professional experience as an engineer, he will also be heavily involved in product strategy initiatives at QUANTRON. Dr. Srinath Rengarajan is an honorary member of various organisations such as the Battery Associates and Indo-German Young Leaders Forum.

“With the competent reinforcement of our international team, we are perfectly positioned to take off globally. We need to use our temporal and technological lead over the established providers to position ourselves in the internationally important commercial vehicle markets with our own QUANTRON brand vehicles and, in a second step, roll out our complete ecosystem, Quantron-as-a-Service. I am very much looking forward to successfully meeting these challenges together with our new colleagues,” says Michael Perschke, CEO and board member of Quantron AG.

Founded in 2019 as a spin-off of the Haller Group, QUANTRON AG combines 140 years of commercial vehicle experience with modern technology and now consists of an international team of over 100 employees.

Punjab finds mention among the top 7 states in the BRAP report as providing a ‘Business-friendly Climate’ for commercial players

In a major development that substantiates Punjab’s footing as a strong, business-friendly ecosystem, a recently released Business Reform Action Plan 2020 Report enlists it as one of the top 7 states in India which has a presence of a pro-trade supportive environment facilitating ‘Ease of Doing Business’.

The “ Top Achiever” position is quite a jump and much-needed relief for the state as it ranked 19th in the BRAP rankings of 2019 which placed it among the states which were deemed to be lagging behind in terms of a business-friendly ecosystem. Various reforms like the steady implementation of online land banks, auto renewals, and construction permits, are some of the measures that have improved the business comity and promoted cordial relationships among different economic and business groups.

Akshay Taneja, Managing Director of TDI Infratech, said, “Punjab is creating waves in the real estate headlines as it has been declared as one of the top business-friendly atmospheres in the country. The adoption of modern technology and population drifts have increasingly supported Punjab to position it where it is today. The idea of modern township work living is a real estate reality in Punjab due to the bankable investments by the realty doyens.”

The other states that found their place in the BRAP report were Andhra Pradesh, Gujarat, Haryana, Karnataka, Telangana and Tamil Nadu. What sets Punjab apart is its continuous dedication to cultivating a climate that is an ode to business transfigurations and innovations boosting investors’ confidence.

LC Mittal, Director Motia Group, said, “Ease of Doing Business rests on twin principles: – a resolute awareness of rapidly changing market dynamics and an egoless mindset to constantly adapt. On both fronts, Tricity has excelled, while Zirakpur has been pitted by NRI investments. It has all the important factors going along with it that are prerequisites for holistic business growth.

Hydrogen Utopia announces Joint Venture with Powerhouse Energy for waste plastics to hydrogen plant in Ireland

Hydrogen Utopia International PLC (AQSE:HUI), a company pioneering non-recyclable waste plastics to hydrogen technology, is pleased to announce that it has agreed heads of terms (“HoTs”) with Powerhouse Energy Group PLC for the joint development of a site at Lanespark in Co.Tipperary in the Midlands in Ireland which it anticipates will lead to HUI’s first operational full scale waste plastic to hydrogen facility in Europe (the “Lanespark Project”).

HUI and PHE have agreed, subject to obtaining an acceptable title to the proposed site and relevant project documentation being completed, to establish a joint venture vehicle owned equally by each company with development costs being contributed to on a 50:50 basis (the “JV”). Under the HoTs, PHE has agreed to pay HUI a non-returnable payment of £400,000 in cash and advance to HUI a loan of £600,000, in recognition of HUI’s contribution to the Lanespark Project through its technological approach to the waste plastics to hydrogen process, identifying the site and its potential and its negotiation of a deal with the current site owners. It is anticipated that the Lanespark Project will not only bring a site that can benefit from either local, national or EU grant funding or a combination of them, but which will also offer significant potential for local feedstock supply and offtake agreements with potential tier 1 customers.

The proposed waste plastic to hydrogen plant will be built on part of the site currently leased to Trifol Resources Limited (“TRL”). The site was referred to in HUI’s announcement of its investment in TRL and the proposed plant in Ireland on 26 April 2022. PHE’s participation in the Lanespark Project, the payment and the loan to HUI referred to above are conditional upon TRL and the freeholder agreeing to provide the JV an acceptable title to the site, which will enable the Lanespark Project to be financed (the “Title Condition”). HUI is in advanced discussions with the relevant parties to satisfy the Title Condition. The loan to be provided to HUI by PHE will be available for drawdown in whole or in part upon satisfaction of the Title Condition and the completion of project documentation which will include amongst other documents, a development agreement and a shareholder agreement. The loan would have a term of up to two years, with redemption in full possible after one or two years through a bullet repayment of £660,000 or £750,000, respectively and, in each case, reflecting rolled up interest and capital. HUI would provide PHE with security for the loan through a charge over its shares in the JV. 10 In recognition of the fact that the proposed joint venture will supersede any pre-existing arrangements between HUI and PHE, the parties have agreed that the existing Exclusivity Agreement between PHE and HUI’s UK operating subsidiary and the existing Collaboration Agreement between the same parties will each be mutually terminated without any further obligation on either party. In addition to their collaboration on the Lanespark Project, HUI and PHE will consider collaboration on future projects as and when beneficial, although neither party is obligated to do so.

Guy Peters, Executive Chairman of HUI, commented: “This deal offers us the opportunity to jointly pioneer a European waste plastic to hydrogen plant in an area that offers plentiful feedstock supply and offtake potential in an attractive jurisdiction. Utilising the technological expertise and skills of both companies’ teams and our wider network of suppliers and experts should enable us to deliver a plant that will act as a circular economy showcase to the world.”

Aleksandra Binkowska, CEO of HUI, commented: “We are at a critical point in modern world history as a result of global forces beyond our control. The global pandemic and the invasion of Ukraine caused an economic and geopolitical crisis which changed the world as we knew it. That reinforces a need for strong alliances and partners who share our goals and vision. HUI joining forces with PHE for our project in Ireland is a natural and complementary alliance: together, sharing knowledge and resources, we can realise our vision more quickly and efficiently. United we stand, divided we take a lot longer.”